Common use of First Partial Month Clause in Contracts

First Partial Month. On the date of this Note, Borrower shall pay to Lender (a) all accrued and unpaid interest under the Original Note through the date immediately preceding the date hereof and (b) interest only on the outstanding principal balance of this Note from the date hereof through and including April 4, 2017 (the “Initial Interest Period”). Interest for such partial month shall be computed on the basis of a 360-day year and shall be equal to the sum of a per diem interest charge (for each day the principal balance hereof is outstanding during such partial month) equal to the product of (a) 1/360 and (b) the Contract Rate and (c) the outstanding principal balance hereunder for the day in question.

First Partial Month. On the date of this Note, Borrower shall pay to Lender (a) all accrued and unpaid interest under the Original Note through the date immediately preceding the date hereof and (b) interest only on the outstanding principal balance of this Note from the date hereof through and including April 4, 2017 (the “Initial Interest Period”). Interest for such partial month shall be computed on the basis of a 360-day year and shall be equal to the sum of a per diem interest charge (for each day the principal balance hereof is outstanding during such partial month) equal to the product of (a) 1/360 and (b) the Contract Rate and (c) the outstanding principal balance hereunder for the day in question.. 1 Promissory Note